GST stands for Goods and Service and GST bill was imposed by the Central Government of India after it was passed in Lok Sabha for replacing all the indirect taxes, whether state or central. That’s why now it is mandatory for the businesses who are involved in the supply of goods to register for GST.
Any businesses, casual traders and people paying TDS having a valid PAN, crosses the turnover as per GST limit and registered under current income tax law, can register for GST to gain legal recognition. The businesses had a turnover of more than Rs 20 lakhs or Rs 10 lakhs for North-Eastern states should register for GST.
Here is the step by step procedure of doing the registration online:
If a trader has multiple branches, separate registration is required for each state.
Now a question arises, what if the GST registration is not completed by the person for whom it’s mandatory?
The answer is that the offender will face a penalty of 10% of the tax amount in which minimum amount will be Rs.10,000.The offender will be charged 100% of the tax amount in case of preconceived tax evasion.